v3.26.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting The following table presents the reportable segment profit or loss measure, NOI, for the three and nine months ended
September 30, 2026 and 2025 (in thousands):
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Reportable segment revenues:
Revenues from external customers
$647,777
$700,635
$1,898,710
$2,103,291
Other income
21,102
7,764
48,498
24,779
Reportable segment total revenues
668,879
708,399
1,947,208
2,128,070
Reportable segment total rental operating expenses
(224,477)
(222,441)
(648,469)
(647,279)
Reportable segment net operating income (reportable
segment profit or loss)
$444,402
$485,958
$1,298,739
$1,480,791
Segment Reporting, Reconciliation of Profit (Loss) by Segment to Consolidated Presented below is the reconciliation of the reportable segment total revenues to the consolidated revenues, the reportable
segment total rental operating expenses to consolidated rental operations, and the reportable segment NOI to the consolidated net
income (in thousands):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Reconciliation of reportable segment revenues to
consolidated total revenues:
Reportable segment total revenues
$668,879
$708,399
$1,947,208
$2,128,070
All other revenues
2,303
43,545
57,780
144,072
Consolidated total revenues
$671,182
$751,944
$2,004,988
$2,272,142
Reconciliation of reportable segment total rental operating
expenses to consolidated rental operations:
Reportable segment total rental operating expenses
$(224,477)
$(222,441)
$(648,469)
$(647,279)
All other rental operating expenses
(3,454)
(16,793)
(10,940)
(42,783)
Consolidated rental operations
$(227,931)
$(239,234)
$(659,409)
$(690,062)
Reconciliation of reportable segment net operating income
to consolidated net (loss) income:
Reportable segment net operating income (reportable
segment profit or loss)
$444,402
$485,958
$1,298,739
$1,480,791
All other revenues
2,303
43,545
57,780
144,072
All other rental operating expenses
(3,454)
(16,793)
(10,940)
(42,783)
Other items not allocated to segments:
General and administrative
(40,915)
(29,224)
(112,461)
(89,027)
Interest expense
(79,687)
(54,852)
(208,613)
(161,024)
Depreciation and amortization
(304,419)
(340,230)
(914,244)
(1,028,415)
Impairment of real estate
(637,904)
(323,870)
(865,873)
(485,630)
Equity in earnings (losses) of unconsolidated real
estate joint ventures
75
201
341
(9,327)
Investment income (losses)
23,990
28,161
152,635
(52,453)
(Loss) gain on early extinguishment of debt
(3,323)
(107)
363,112
(107)
Gain on sales of real estate
—
9,366
—
22,531
Consolidated net loss
$(598,932)
$(197,845)
$(239,524)
$(221,372)
Reconciliation of Investment in Real Estate from Segment to Consolidated
September 30, 2026
December 31, 2025
Reportable segment investments in real estate
$26,872,264
$27,510,082
All other investments in real estate
1,554,735
1,179,914
Consolidated investments in real estate
28,426,999
28,689,996
Consolidated assets not allocated to segments
5,624,723
5,391,839
Consolidated total assets
$34,051,722
$34,081,835